Search

With all the recent increases in checking account fees and requirements, it's become increasingly difficult to find free checking accounts or even just cheap, low-fee checking. To help you out, we've compiled offers from all sorts of banks and credit unions to help you find the best checking account for your financial needs. We'll do the math to give you a personal recommendation of which checking account is the cheapest. You can also check out our state-by-state list of banks and credit unions offering completely free checking accounts or read up on overdraft fees at the largest banks. Are you a bank or credit union? Get your accounts listed today!

Checking Accounts: What You Need to Know

Do you have a job? Bills to pay? Taxes to file? If you answered yes to any of these, a checking account is a must. Aside from a savings account, checking accounts are one of the most basic and essential financial tools for adults and teens.

Unfortunately, these accounts are far from standardized. Fees, features, and requirements all differ vastly from one account to another, and from one bank to another. Chances are, the first checking account option you stumble upon is not actually the best fit, so it’s essential to do your homework before choosing where to deposit your money. The first step to getting the most of your checking account is to understand a little bit more about yourself.

Your needs

What are your basic requirements in a bank and an account? Consider the following to narrow down your options.

Demographic - Many banks and credit unions offer accounts tailored for certain ages, including teens, college students, and even senior citizens. Special accounts like these often carry benefits you wouldn’t otherwise receive.

Type of institution - Do you prefer a nationally-available bank, a local credit union, a community bank, or maybe an online bank? Each of these groups comes with a certain set of advantages and disadvantages.

Other Features - Keep an eye out for some key checking account benefits that fit your lifestyle and preferences. For example:

Are you a tech geek who lives on their phone? Choose an account that offers a mobile banking app.

Are you a sucker for rewards? Look for accounts that earn interest, offer a new account bonus, or award points for certain activities.

Your habits

How you live your financial life will affect which checking account is the best option, thanks to certain fees and requirements. Read on for more details, then use the filters and calculator option in the tool above to see how your financial habits can affect the total cost of your checking account.

Typical minimum balance - Many checking accounts carry a monthly fee that may be waived when you maintain a certain minimum balance each month. If you know how much you typically can keep in your account, you can look for one that will waive fees for doing so, potentially saving hundreds each year. If you know your balance fluctuates often and may dip close to zero, then an account with no monthly fees will be best, and one with a low overdraft fee will be even better in case you make the occasional slip-up.

Direct deposit - Direct deposit is another way that many banks allow customers to waive monthly checking fees, so if your job offers this option and you haven’t already signed up, do it before you start shopping around.

ATM usage - Do you travel or use cash often? If so, look for a bank with a large surcharge-free ATM network to avoid pesky $1-$3 charges for each withdrawal.

Disclaimer: We try to keep information accurate and up to date, however we cannot make warranties regarding the accuracy of our information. Please verify FDIC Insurance / NCUA Insurance status, credit card information, and interest rates during the application process. Please note that NerdWallet has financial relationships with some of the merchants mentioned here. NerdWallet may be compensated if consumers choose to utilize the links located throughout the content on this site and generate sales for the said merchant.

Advertiser Disclosure: Many of the credit card offers that appear on this site are from companies from which NerdWallet receives compensation. The results of our “card comparison and finder tool”, card assessments, and reviews are based on objective quantitative and qualitative analysis of card attributes. They are not affected by compensation. Compensation may impact which cards we review and write about and how and where products appear on this site (including, for example, the order in which they appear). While we try to feature as many credit cards offers on our site as we can maintain (1,700+ and counting!), we recognize that our site does not feature every card company or card available on the market. Additionally, our star ratings are a mix of user feedback and NerdWallet’s independent evaluation which are independent of compensation. For a list of all of our advertising partners, click here.